Stitch Acquires ExiPay to Offer Omnichannel Payment Solutions
TLDR
- South African fintech Stitch has acquired ExiPay to create a unified platform for online and in-person payments
- While in-person payments have seen innovation for small businesses, large enterprises remain underserved
- The acquisition, for an undisclosed amount, will enable Stitch to offer omnichannel payment services tailored to large enterprises
South African fintech Stitch has acquired ExiPay, a startup specializing in in-person payment solutions, to create a unified platform for online and in-person payments. While in-person payments have seen innovation for small businesses, large enterprises remain underserved, making the acquisition a strategic move.
The acquisition, for an undisclosed amount, will enable Stitch to offer omnichannel payment services tailored to large enterprises, addressing the significant gap in South Africa’s retail market for integrated payment systems.
ExiPay’s six-person team will join Stitch, with its service rebranded as “Stitch In-person Payments.” This offering will target existing clients, including Bash, MTN, Cell C, and MultiChoice, and is expected to simplify payment tracking across channels.
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Key Takeaways
The acquisition marks a pivotal step for Stitch as it ventures into omnichannel payment solutions, giving it a competitive edge in Africa’s growing enterprise payment market. By integrating online and in-person payment capabilities, Stitch aims to meet the rising demand for seamless payment systems in South Africa and beyond. For ExiPay, the deal provides access to Stitch’s resources and client base, amplifying its impact in the in-person payments space. This move aligns with Stitch’s broader ambitions to become a pan-African payments leader, leveraging strategic acquisitions to accelerate market entry and expand its technological capabilities.
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